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Promote with Leviathan NewsBitMEX co-founder Arthur Hayes used a new essay on his “CryptoHayes” Substack, titled “The Periphery,” to argue that the latest rallies in Bitcoin and gold are being driven by severe stress and an “aggressive selloff” in the long end of the U.S. Treasury market, not by speculative euphoria. He frames the current environment as the early phase of a structural shift in global macro conditions, where rising deficits, war-related spending, and deteriorating confidence in government bonds are forcing yields higher and undermining long-duration sovereign debt as a safe asset. In Hayes’ view, this dynamic is pushing capital toward hard assets and non-sovereign money such as Bitcoin and gold as investors seek protection from what he describes as a mounting inflationary regime. Building on themes he has articulated in recent interviews and essays, Hayes contends that governments are entering a “Hunger Games of debt issuance,” in which they must issue ever more bonds to fund militarization, supply-chain reshoring, AI-driven labor disruptions, and social support, while competing for a finite pool of global savings. He argues that political incentives make austerity unlikely, so policymakers will ultimately choose financial repression and money printing over fiscal tightening, resulting in higher structural inflation and periodic “policy panic” episodes when bond markets seize up. In that prospective world of chronic deficit monetization and escalating geopolitical conflict, he positions Bitcoin and gold as core beneficiaries of the breakdown in trust in fiat debt and as key trades for an eventual, more disorderly phase of the global cycle.
AI-generated background, compiled from web sources — not editorial content.
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